FRANKFURT: German industrial giant Siemens on Thursday said large orders for trains boosted earnings in the third quarter, helping to offset problems in its troubled wind energy business.
Between April and June, the group said it booked a net profit of 1.4 billion euros ($1.5 billion), compared with a 1.5-billion-euro loss over the same period a year earlier.
Last year’s loss was mainly down to a hefty impairment of its stake in Siemens Energy. The same subsidiary reported a record loss on Monday as it counts the costs of fixing technical issues affecting its onshore wind turbines.
The Siemens group however said it had benefited from strong growth in other divisions in its third fiscal quarter, including major contracts for trains in Germany and a high-speed rail line in Egypt.
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